Enterprise security spending that includes hardware, software and services is set to reach $1.12 billion in India in 2016, market research firm Gartner said. This would be an increase up to 10.6 percent from $1.01 billion. Security spending will continue to grow in 2017 when revenue is projected to reach $1.24 billion, the firm announced during its inaugural “Gartner Security and Risk Management Summit” taking place through Friday here. The revenue of security services that includes consulting, implementation, support and managed security services accounted for 61 percent of this total revenue in 2015 and this proportion will increase to 66 percent by 2020, the company said in a statement. Also Read - Global smartphones sales to decline by 3.2% in 2019: Gartner
“The strong growth in the security services market will be primarily because customers need external services to transform their security posture in the digital business era,” said Siddharth Deshpande, Principal Research Analyst at Gartner. “In 2016, we are seeing large enterprises increase their security budgets to enhance their security program and several midmarket and enterprise organizations creating new space for security spending as part of their technology budget,” added Deshpande. Mature organizations that have begun the journey towards detection and response approaches are now looking to focus on advanced capabilities around security operations and incident response. Also Read - Global AI business value to hit $1.2 trillion in 2018: Gartner
“Digital business moves at a faster pace than traditional business and traditional security approaches designed for maximum control will no longer work in the new era of digital innovation,” Deshpande noted.